Daily Technical Analysis February 7th 2024

1. EUR/USD Analysis:

News Summary:

Retail sales in euro area should start to recover as inflation eases and incomes rise. Data released on Tuesday showed that retail trade fell sharply at the end of last year, dragging down broader economic growth in the 20-member euro zone. If sales remain at the same level into 2024, trade will continue to decline in the first quarter. Continued decline in inflation and high wage growth will boost retail sales growth.

Trend Analysis:

We can see EUR/USD rebounded from oversold and ran below the 48 hours moving average on H4 chart, but the MACD double line and the energy bar shrank near the zero axis, the sell limit could be used, stop loss is necessary.

Today's Key Price Levels:

Key Support Levels: [1.0650]

Key Resistance Levels: [1.0850]

Pivot Points [1.0800]

2. AUD/USD Analysis:

News Summary:

On Tuesday, the Reserve Bank of Australia kept the cash rate unchanged at 4.35%. The decision was in line with general market expectation, but the tone of accompanying comments was more hawkish than the market had forecasted. The RBA warned that it still did not rule out the possibility of raising interest rates. It is more stringent than what we've heard from the FED and ECB, who have publicly said rate cut is the next step but are more willing to wait for a longer pause than market participants would like to see.

Trend Analysis:

We can see AUD/USD rebounded after dropping and was close to the 48 hours moving average on H4 chart. In addition, the MACD double line and histogram bar gradually spread upward. In short term, sell limit can be placed, stop loss is compulsory.

Today's Key Price Levels:

Key Support Levels: [0.6400]

Key Resistance Levels: [0.6630]

Pivot Points [0.6570]

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